Why it’s on the map
Largest auto flat-rolled; most levered to HRC. Only US grain-oriented electrical steel producer (transformers).
Government money & contracts
DLA $400M 5-yr IDIQ for GOES (July 1, 2026) — sole US source.
Customers & commercial
Auto OEMs; Dept of War (GOES).
Catalysts
Q3 Oct 19; guide about $575M EBITDA; $500M 2027 contract reset.
Risk
Owns Stelco (Canada, about 15% of volume) — pays the 50% into the US; heavy leverage; 2025 net loss $1.48B; 50% Canadian auto tariff Jan 2027.
Tariff durability
Only US steelmaker that also PAYS the Canada tariff.
Dividend
None
Suspended in 2020
Cleveland-Cliffs does not currently pay a dividend — the last regular payment was Apr 15, 2020 ($0.06 a share). The trade here is the move, not the check. See the names that do pay →